A dovish pivot is the best way to describe yesterday’s Fed statement and Chairman Powell’s press conference from the last FOMC meeting of the year.

The Federal Reserve concluded its last FOMC meeting of the year, and as expected, they kept their benchmark interest rate unchanged. They also released an updated economic forecast in its Summary of Economic Projections (SEP).

Two important events that will shape the economic fabric occurred today. The November CPI was released by the BLS this morning, and the last FOMC meeting of the year began today.